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Weekly forecast New Zealand Dollar / Singapore Dollar technical chart
Symbol NZDSGD
Trade Setup

#NZDSGD
Total Profit: -36 pip
Closed trade(s): 0 pip Profit
Open trade(s): -36 pip Profit

Trade Setup:
We opened 1 BUY trades @ 0.86513 based on 'Hammer' entry method at 2022-07-01.

Open Profit:
Profit for one BUY trade is 0.8615(current price) - 0.86513(open price) = -36 pip
1 trade(s) still open, therefore total profit for open trade(s) is -36 x 1 = -36 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateJuly 18, 2022 - 09:23
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.84982, beginning of uptrend is expected.
  • We make sure when the resistance at 0.91165 breaks.
  • If the support at 0.84982 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 0.86714 on 2022-05-12 and the trough at 0.85821 on 2022-07-01, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.85015 on 07/14/2022, so more gains to resistance(s) 0.86362, 0.87200, 0.88291 and maximum to Major Resistance (0.91165) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 41.